Just one more notch on a growing list of things that are more difficult to get loans for these days...
GE Financial (a major backer for consumer loans for recreational vehicles) has announced that it is pulling out of the RV & boat loan business. The rec vehicle dealers, and the folks who make the products they sell, are already having a very difficult time, and it just got worse now that one of the major loan organizations for those products just pulled up stakes and left town.
There isn’t an exodus from motorcycle loans yet, at least not that I’m aware of (if you know something I don’t, feel free to give me a heads-up via the Comments below). Though it is getting more difficult for folks looking for bike loans (Harley listed loan defaults as one of their losses in their fiscal statements over the past few Quarters).
However, this does not bode well. After RV’s and boats, motorcycles and ATV’s are next in line.
If the banks don’t even have the $ to make student loans (recently Citibank, and a host of others are pulling out of the student loan and student loan consolidation market), I wonder how long they’ll be making those $15,000+ loans for new motorcycles?
